if you know how much power the network is consuming (about a gigawatt or 1 million kilowatts)
and you know how much power costs ($0.10/kWh)
and you now how many transactions are being processed (~4TPS)
We can figure out how much each transaction really costs unsubsidized by speculators.
@ $0.10/kWh X (1,000,000 kilowatts)= $100,000/hr
4 transactions/sec X (3600seconds/hr) = 14,400 transactions/hr
$100,000/14400 transactions = $6.94 PER TRANSACTION
Feel free to check my math, but that's about how efficient the bitcoin network is currently at maximum capacity. If there are fewer transactions, it is even less efficient. Security and decentralization are very important factors, but this is not competitive with ACH and SWIFT, or even credit cards. The way to increase efficiency is by massively increasing the number of transactions while keeping the total power costs almost the same.
THAT is why we want to lift the blocksize limit. We have a very very expensive, inefficient network. Security is great, but too much armor on your armored truck will limit it's cargo capacity.
A more correct number would be approx 400MW for the entire network and $0.05/kWh. You can't mine competitively with$0.10/kWh and efficiency is much greater than 0.71J/GH. You don't have to take my word for it. Blockchain.info keeps a running calculation: https://blockchain.info/statscurrently running ~$7.09/transaction. Then either they're wrong too or they're taking more than electricity into account. 0.71J/GH is 2 year old gear. Most of the network is from the last 7 months with 0.25J/GH or lower. There is simply not produced enough inefficient gear on the entire planet to get the numbers you have. |
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Just one: Beware of Mr.Pumperitis! exactly, thats all you keep saying, hope u enjoyed going through hundreds of my posts, you must be real bored ,sad and lonely, its ok...lol at least u will learn more  It was a light read. |
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@Mrpumperitis does this mean that you're going to pump this further or are you going to short us to oblivion?
i ve said many times, this coin is worth billions...and i warn again, beware shorting large amounts of eth. Im in this for the long term, accumulate and wait for pos. Many people forgot , there is still minimum, 1500 eth required for POS, the goose that will lay us golden eggs  You've said that about every P&D coin under the sun. Oh well. I definitely wouldn't short this thing. I think we might get a sharp rise soon, a lot of shorters will freak out. Proper fireworks. u know wot m8, please dont talk or quote me again, thats twice you have done this. You ask for info,links , i go and provide them..instead of being nice or saying thanks a few days later your warning people about me...wtf !! and now again you asked, i answered and you acuse me of saying all coins are worth billions,lol. Prove it, show me one post of an altcoin(not eth) when i said its going to billions? You move from alt to alt to P&D and regularly drop by the WO thread to push it with your annoyingly obvious shill posts. When I look at your history I see Dash, I see Crave, I see LTC, I see Dark. I think people should be aware of the fact that you're just here to take their money. Just look at the answer you gave to my original question. It's a non-answer combined with pump material. I too believe Ethereums market cap will reach billions, but that is next to irrelevant for the current price rise. Ethereum is still in the embryo stage. Besides, you didn't provide links last time. I asked a direct question while you were spamming the wo thread and you answered with waffle. There seems to be a few people who genuinely believe in Ethereum here and I would prefer it if they weren't ripped off by car salesmen like yourself. i want your money,lol gtfo, ive made people more money...for free. Do u see anyone complainin( i only c u ) and im sure people are smart enough to decide who to listen too, they dont need a fatman saving them ,lol what useful advice have you given here to help the community? nothing!! Just one: Beware of Mr.Pumperitis! |
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What's your genuine take on all of this. Are you just trolling or are there neuropeptides firing up there? |
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@Mrpumperitis does this mean that you're going to pump this further or are you going to short us to oblivion?
i ve said many times, this coin is worth billions...and i warn again, beware shorting large amounts of eth. Im in this for the long term, accumulate and wait for pos. Many people forgot , there is still minimum, 1500 eth required for POS, the goose that will lay us golden eggs You've said that about every P&D coin under the sun. Oh well. I definitely wouldn't short this thing. I think we might get a sharp rise soon, a lot of shorters will freak out. Proper fireworks. u know wot m8, please dont talk or quote me again, thats twice you have done this. You ask for info,links , i go and provide them..instead of being nice or saying thanks a few days later your warning people about me...wtf !! and now again you asked, i answered and you acuse me of saying all coins are worth billions,lol. Prove it, show me one post of an altcoin(not eth) when i said its going to billions? You move from alt to alt to P&D and regularly drop by the WO thread to push it with your annoyingly obvious shill posts. When I look at your history I see Dash, I see Crave, I see LTC, I see Dark. I think people should be aware of the fact that you're just here to take their money. Just look at the answer you gave to my original question. It's a non-answer combined with pump material. I too believe Ethereums market cap will reach billions, but that is next to irrelevant for the current price rise. Ethereum is still in the embryo stage. Besides, you didn't provide links last time. I asked a direct question while you were spamming the wo thread and you answered with waffle. There seems to be a few people who genuinely believe in Ethereum here and I would prefer it if they weren't ripped off by car salesmen like yourself. Edit: I found a nice one where you're pushing Crave in this thread: wow where is everyone?, prob at the crave thread  lol |
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@Mrpumperitis does this mean that you're going to pump this further or are you going to short us to oblivion?
i ve said many times, this coin is worth billions...and i warn again, beware shorting large amounts of eth. Im in this for the long term, accumulate and wait for pos. Many people forgot , there is still minimum, 1500 eth required for POS, the goose that will lay us golden eggs You've said that about every P&D coin under the sun. Oh well. I definitely wouldn't short this thing. I think we might get a sharp rise soon, a lot of shorters will freak out. Proper fireworks. |
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if you know how much power the network is consuming (about a gigawatt or 1 million kilowatts)
and you know how much power costs ($0.10/kWh)
and you now how many transactions are being processed (~4TPS)
We can figure out how much each transaction really costs unsubsidized by speculators.
@ $0.10/kWh X (1,000,000 kilowatts)= $100,000/hr
4 transactions/sec X (3600seconds/hr) = 14,400 transactions/hr
$100,000/14400 transactions = $6.94 PER TRANSACTION
Feel free to check my math, but that's about how efficient the bitcoin network is currently at maximum capacity. If there are fewer transactions, it is even less efficient. Security and decentralization are very important factors, but this is not competitive with ACH and SWIFT, or even credit cards. The way to increase efficiency is by massively increasing the number of transactions while keeping the total power costs almost the same.
THAT is why we want to lift the blocksize limit. We have a very very expensive, inefficient network. Security is great, but too much armor on your armored truck will limit it's cargo capacity.
A more correct number would be approx 400MW for the entire network and $0.05/kWh. You can't mine competitively with$0.10/kWh and efficiency is much greater than 0.71J/GH. |
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Meh dont mind this adrianx cypherdoc fanboy, he is clueless.
what you doing here mr x? papa peter r got a lollipop for you in that cicrlejerking forum of yours.
I'm just here to see who pipes up to cry fowl when I dump. ;-) you don't seem too concerned about bitcoin anymore now that Monero's doing well.  You've changed, man. |
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...
That's like saying becoin is more crazy than billyjoeallen. It's probably true, but so what?
Yeah, but bja makes perfect sense in the parts that aren't broken, becoin is batshit through & through. Yah, he's been talking so much sense lately that his China->US->Nazi Germany leap of grey matter caught me off guard. If THAT's what you took from what I wrote, then either you're not listening or I'm communicating improperly. I was saying that the U.S. is a low standard for censorship resistance/freedom. In some ways, China may be more free, I don't know. It doesn't matter. I don't want to get off subject, which is that somebody has a kill switch. It doesn't matter if that someone is Motherfucking Aristotle. If there is a kill switch, Bitcoin is not censorship resistant. I'm as unimpressed with aspects of US politics as the next guy, but granting becoins idiotic remark about China being more democratic than the US any validity is daft to the extreme. |
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That's like saying becoin is more crazy than billyjoeallen. It's probably true, but so what?
Yeah, but bja makes perfect sense in the parts that aren't broken, becoin is batshit through & through. Yah, he's been talking so much sense lately that his China->US->Nazi Germany leap of grey matter caught me off guard. |
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We could call the Chairman of the Communist Party of China, because he absolutely could shut it down, but I think he supports hacking.
There is more democracy in China than in the US. Political class in China (the Communist Party) has 4 wings competing for leadership while political class in US (the Establishment) has only 2 wings. So, the political monopoly is in the US not in China! That's like saying there is more freedom in Fascist Italy than in Nazi Germany. It's probably true, but so what? They were both terrible places to live, especially if you were a minority. If ANYONE has the Bitcoin kill switch, and somebody certainly does, that means our project has failed at censorship resistance. That's like saying becoin is more crazy than billyjoeallen. It's probably true, but so what? |
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@Mrpumperitis does this mean that you're going to pump this further or are you going to short us to oblivion?
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^
Stop buying Ethers & watching pornos. Concentrate on keeping BTC > $400.
*My Mom called me up, asked if she should plow all her savings/CDs into ETH. What should I tell her?
Tell that old jackal to stop squirting out the spawn of evil. |
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The battery has nothing to do with its velocity though.
Was just going to write the same thing The Voyager probes run on RTGs anyway. |
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I'd keep an eye on the price for the next few days. If we start steaming past the ATH we could see a 20-80% rise from 0.0174.
Or we could keep bleeding until we're down to 0.004. I didn't buy from pre-sale and I regret it but now I think it's a bit overpriced. You said also %20-80 rise that is I think ridiculously high. Do you have any technical analysis or something else to show me? Don't dwell on the past. Every good trade is obvious in hindsight. Just jump on the rocket when it's off the platform and gtfo when it's crashing. Even if you just catch 10-20% of a 80% it's far better than nothing. And fun too! 20-80% would be insane. But this is not a rational market atm. But no. No TA. |
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I feel like I'm too late to the Ether party. I'm skeptical about its current price.
I'd keep an eye on the price for the next few days. If we start steaming past the ATH we could see a 20-80% rise from 0.0174. Or we could keep bleeding until we're down to 0.004. |
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2, more importantly, as a PoW coin, there's no possibility to clone a BTC due to its huge hashing rate.
While Etherium can be easily copied after it changed to PoS.
I think it is better to keep Ethereum as a PoW for a few more years so that its user base can be increased further as there are more miners. PoW mining is a PR problem if you want to reach a larger audience. |
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Shame on you Adam  You are confused. This is not the Monero thread. |
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Full again... Say whatever you want I don't like the idea of limited tx every day :/ Fire up a classic node. Let your voice be heard. https://bitcoinclassic.com/Well I'm not so sure forcing the community to go to classic is the best solution though ^^ You can't do that. That's for the devs and the miners. Nodes show support, but they don't decide. you guys heard of the BIP to let miners vote using flags on the 32 bit version number with each block they mine? they should do the same thing with the nodes, i bet a lot of poeple running classic are only running it to let there "I WANT 2MB BLOCKS NOW!!!" voice be heard. Give me Core with BIP101 and Segwit HF and I'm game. |
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